Wave counting analysis:
On Thursday, January 10, trading ended for EUR / USD by 43 bp decline. Thus, the pair presumably remains within the framework of the construction of wave 3, in s. If this is true, then the increase in quotations will resume with targets located near the Fibonacci level of 161.8%. There are no grounds for assuming the resumption of the construction of the downward trend section.
1.1444 – 38.2% Fibonacci (formal goal)
1.1599 – 161.8% Fibonacci
1.1677 – 200.0% Fibonacci
General conclusions and trading recommendations:
The pair continues to be in the construction stage of the proposed wave. Thus, I still recommend buying a pair with targets located near the estimated marks of 1.1599 and 1.1677, which corresponds to 161.8% and 200.0% of Fibonacci. The internal correctional wave in 3, in s should not be extended. The news background for today can support both the euro and the dollar.
The material has been provided by InstaForex Company – www.instaforex.com